Britain's seventh largest bank TSB has reported a 153% rise in pre-tax profits as it looks to take market share from the UK's major players.

It saw its pre-tax profit reach £34.2m (€47.8m, $52.6m), up from £13.5m in the previous quarter, but down £47m in the same period last year.

The bank said it is down on a yearly basis because of the investments that it has made in an attempt to gain more market share and break into Britain's elite – with the industry currently dominated by the likes of RBS, Lloyd's, Barclays and HSBC.

Paul Pester, chief executive officer, said: "TSB is starting to fire on all cylinders as we take on the big banks in our mission to bring more competition to UK banking.

"Over 7.9% of people opening or switching a bank account in the last quarter chose TSB – meaning we've now had five quarters in a row where we've beaten our 6% target; our mortgage broker service has continued its flying start, having received over £700m of applications by the end of March, and more customers than ever before are recommending TSB to friends and family.

"Whilst we still have a long way to go in bringing better banking to UK consumers, we're making real progress."

TSB has also said it will close 17 of its 631 branches ahead of the £1.7bn Sabadell takeover.